Royal Dutch Shell Plc (NYSE: RDS.A) completed the sale of its remaining upstream assets in New Zealand to Austria's OMV AG for $578 million, the companies said Dec. 28.
The sale, which is part of Shell’s three-year program to dispose of $30 billion by the end of 2018, included the company’s Māui, Pohokura and Tank Farm assets in New Zealand. Additionally, OMV acquired Shell’s interest in and operatorship of the Great South Basin venture, which was subject to a separate agreement. Shell Taranaki and Shell New Zealand employees have now also become a part of OMV New Zealand.
“We are proud of having worked in New Zealand for more than 100 years and completion of the sale to OMV marks an important milestone in the company’s history,” said Zoe Yujnovich executive vice president of Shell Australia and New Zealand.
Pohokura, which OMV had already been a partner in as well as Māui, is the largest gas producing field in New Zealand. OMV will now assume operatorship of both Pohokura and Māui joint ventures.
“This acquisition is an important step to develop Australasia into a core region in line with our new strategy,” OMV CEO Rainer Seele said in a statement following the announcement of the acquisition in March 2018.
Recommended Reading
Trump Fires Off Energy Executive Orders on Alaska, LNG, EVs
2025-01-21 - President Donald Trump opened his term with a flurry of executive orders, many reversing the Biden administration’s policies on LNG permitting, the Paris Agreement and drilling in Alaska.
Belcher: Trump’s Policies Could Impact Global Energy Markets
2025-01-24 - At their worst, Trump’s new energy policies could restrict the movement of global commerce and at their best increase interest rates and costs.
CEO: TotalEnergies to Expand US LNG Investment Over Next Decade
2025-02-06 - TotalEnergies' investments could include expansion projects at its Cameron LNG and Rio Grande LNG facilities on the Gulf of Mexico, CEO Patrick Pouyanne said.
Pickering Prognosticates 2025 Political Winds and Shale M&A
2025-01-14 - For oil and gas, big M&A deals will probably encounter less resistance, tariffs could be a threat and the industry will likely shrug off “drill, baby, drill” entreaties.
Analysts: DOE’s LNG Study Will Result in Few Policy Changes
2024-12-18 - However, the Department of Energy’s most recent report will likely be used in lawsuits against ongoing and future LNG export facilities.